They’ve just hedged a further 70koz @ A$1,816 deliverable by 10koz per month from Aug 19 to March 20. Fairly prudent. This takes their hedged position to 150koz over the next 15 months which is less than half of the expected production.
The prepays you’re referring to is just 1,250oz a month over the next 18 months which is roughly 5% of expected production.
Will be an interesting quarterly. There’s a few tail winds for the sector (high Au price, weak AUD, lower oil price) but this mgmt still have a lot to prove to the market.
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